A Question about Pledges
Equity crowdfunding is quite new, based on the JOBS Act of 2016 and an update since then that allows equity investing as low as $100 to non-credited investors. So far, there are only a handful of film companies funded by equity crowdfunding for us to learn from. We are currently in the phase of getting feedback and gauging interest from friends and family. Apparently, when you generously offer to vouch for Brandon or me, Wefunder sends a second email asking for a pledge. These pledges are not collected until we 1) show $10K in interest in our project, 2) have a CPA vet our financial info and banking, 3) get approved by Wefunder, and 4) file the proper forms with the SEC. Then we can launch publicly and 5) Wefunder will ask if you if you still want to invest what you pledged, and 6) properly vetted Investors on their site, who are looking for projects to invest in, can take notice. Money actually collected will be considered equity not a donation, with the proper Statements of (high) Risk and the terms of the ROI, and will be collected in an Escrow account that we cannot touch, until a minimum threshold is reached. That minimum will be the amount we need to shoot the movie, but might not be the whole budget to finish the film. It will give us momentum to get all the footage collected and create a trailer to raise the rest of the budget for post production and marketing. Thank you for your patience as we learn this whole process.